Politics blog + Northern Rock | The Guardianhttp://www.theguardian.com/politics/blog+business/northern-rock
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Nigel Farage's saloon bar insurgencyhttp://www.theguardian.com/politics/blog/2013/apr/24/nigel-farage-ukip
The main parties may need to pour themselves a stiffener: Ukip has gone way beyond being a mere protest-vote party<p>After Ukip's Nigel Farage made a speech at a press gallery lunch in Westminster on Tuesday, a colleague from a Tory newspaper asked me what I'd thought of it. &quot;Smart fellow, fast on his feet, lively company in the pub: nothing we didn't already know,&quot; I replied. &quot;Not good enough. He missed an opportunity to show he can be a serious player,&quot; said my chum.</p><p>And, of course, he's right. Farage, a former City metal-market dealer and MEP since 1999, made a shrewd, nostalgic point when Margaret Thatcher died: he said there had never been any need for Ukip while a conviction politician such as her was running the show.</p> <a href="http://www.theguardian.com/politics/blog/2013/apr/24/nigel-farage-ukip">Continue reading...</a>Nigel FarageUK Independence party (Ukip)ScotlandWalesNorthern IrelandScottish National party (SNP)Alex SalmondDavid CameronMichael GoveBoris JohnsonGordon BrownBank of EnglandBusinessPoliticsLehman BrothersUK newsBankingNorthern RockCanadaAmericasWorld newsStephen HarperWed, 24 Apr 2013 10:24:38 GMThttp://www.theguardian.com/politics/blog/2013/apr/24/nigel-farage-ukipPaul Ellis/AFP/Getty ImagesA drink with Nigel Farage. Photograph: Paul Ellis/AFP/Getty ImagesPaul Ellis/AFP/Getty ImagesA drink with Nigel Farage. Photograph: Paul Ellis/AFP/Getty ImagesMichael White2013-04-24T10:24:38ZIn defence of politicshttp://www.theguardian.com/politics/blog/2012/nov/21/defence-politics-michael-white-chris-mullin
Refusing to vote is generally no statement of principle, as a tale of two citizens has reminded me. Let's call them Chris and Crisp'<p>I had the pleasure on Tuesday evening of listening to a former MP of impeccable independence, campaigning courage and widely noted integrity sticking it to a sizeable group of our fellow citizens who don't get reproached half-often enough. We're talking here about cynical, lazy and apathetic voters who don't seem to know how well off most of them are, or why.</p><p>At one point, this splendid fellow said that long experience had caused him to notice that the kind of people who don't vote were also the kind of people &quot;who don't put their bins out, who drop litter and don't look after their dogs in the park, [and] who pay no attention to the education of their children&quot;. When he meets such non-voters, he tells them &quot;to snap out of it&quot;.</p> <a href="http://www.theguardian.com/politics/blog/2012/nov/21/defence-politics-michael-white-chris-mullin">Continue reading...</a>Voter apathyTony BlairBirmingham SixBankingTony BennAl-QaidaChannel 4Telegraph Media GroupIraqPovertyDavid CameronShort-sellingNorthern RockLondonBarclaysHouse pricesGeorge OsborneBBCGreen politicsGreen partyUK Independence party (Ukip)MediaUK newsWed, 21 Nov 2012 16:10:52 GMThttp://www.theguardian.com/politics/blog/2012/nov/21/defence-politics-michael-white-chris-mullinAndy SewellCrispin Odey's interview contrasted comically with Chris Mullin's committed, impassioned lecture. Photograph: Andy SewellAndy SewellCrispin Odey's interview contrasted comically with Chris Mullin's committed, impassioned lecture. Photograph: Andy SewellMichael White2012-11-21T16:10:52ZGovernments have their good and bad days – just like us | Michael Whitehttp://www.theguardian.com/politics/blog/2011/nov/18/governments-good-bad-days-michael-white
Mistakes don't make ministers bad people, or incompetent, but it is better that we try to learn from them<p>Governments, like the rest of us, have good days and bad days. On balance, yesterday was a bad day as Treasury ministers sanctioned the hasty sell-off of Northern Rock at a hefty loss to the taxpayer and health ministers executed a U-turn over the once-condemned Labour practice of centrally-driven NHS waiting list targets.</p><p>But, as with two of this week's other mini-dramas – immigration policy and Friday's <a href="http://www.guardian.co.uk/uk/2011/nov/17/mod-consultants-specialists-fats" title="">Guardian revelation that the ministry of defence is still spending a small fortune on management consultants</a>, they highlight the age-old problem of when is it time to stop blaming the previous government and start taking responsibility for decisions being made now.</p> <a href="http://www.theguardian.com/politics/blog/2011/nov/18/governments-good-bad-days-michael-white">Continue reading...</a>Defence policyEconomic policyHealth policyAndrew LansleyGeorge OsbornePoliticsNorthern RockBankingBusinessFri, 18 Nov 2011 12:19:00 GMThttp://www.theguardian.com/politics/blog/2011/nov/18/governments-good-bad-days-michael-whiteDan Kitwood/Getty ImagesIs selling the 'good' bit of Northern Rock to Virgin boss Sir Richard Branson really such a good idea? Photograph: Dan Kitwood/Getty ImagesDan Kitwood/Getty ImagesIs selling the 'good' bit of Northern Rock to Richard Branson a good idea? Photograph: Dan Kitwood/Getty ImagesMichael White2011-11-18T12:19:00ZIs the Northern Rock sale a good deal for taxpayers?http://www.theguardian.com/politics/reality-check-with-polly-curtis/2011/nov/17/northern-rock-sale-good-deal-for-taxpayers
The government is to sell Northern Rock plc to Virgin for £747m, re-privatising the bank at a loss of at least £400m. Is it a good deal for the taxpayer? <strong>Polly Curtis</strong>, with your help, finds out. Get in touch below the line, email your views to <a href="mailto:polly.curtis@guardian.co.uk">polly.curtis@guardian.co.uk</a> or tweet <a href="http://twitter.com/#!/pollycurtis">@pollycurtis</a><p>The chancellor has announced a deal for Virgin Money to buy Northern Rock plc for &pound;747m with the possibility of up to &pound;250m more in the near future. We as taxpayers have put &pound;1.4bn into the bank, meaning we stand to lose between &pound;400m and &pound;653m. My colleague Andrew Sparrow has written a very straightforward guide to the deal <a href="http://www.guardian.co.uk/politics/blog/2011/nov/17/politics-live-blog#block-4">here</a>, <a href="http://www.guardian.co.uk/profile/graemewearden">Graeme Wearden</a>'s report is <a href="http://www.guardian.co.uk/business/2011/nov/17/virgin-money-buys-northern-rock">here</a> and you can read the press release <a href="http://www.hm-treasury.gov.uk/press_129_11.htm">here</a>. George Osborne (left), the chancellor, said: </p><p>The sale of Northern Rock to Virgin Money is an important first step in getting the British taxpayer out of the business of owning banks. It represents value for money; will increase choice on the high street for customers; and safeguards jobs in the north east.</p><p>The bad bit of the Rock still exists and has been merged with the nationalised mortgage book of Bradford and Bingley to create something called UK Asset Resolution (Ukar). Essentially it is in run off so the loans and guarantees from taxpayers get slowly paid off as people pay off their mortgages. The last mortgage payments are technically due post-2040, which means taxpayers could be stuck with that burden for sometime. However, technically someone could buy the &quot;bad&quot; bank - Ukar - if they reckoned they could make some money out of it. Ukar has also had aspirations to turn itself into a processing-type company for other lenders. For now, though, it is one giant loan collector that appears to be wedded to the taxpayer for years. Splitting up the Rock was a clever move by Labour to make it look as it was able to begin recouping money and get more competition going on the high street.</p><p>It is good for the taxpayer that the debt-holders have now shared part of the costs of restructuring the banks. It remains to be seen if the cost of subsidising the banks will eventually be recouped by the taxpayer.</p><p>The Treasury predicted when nationalising Northern Rock that it would cost taxpayers a net present value of &pound;1.3bn. It has not updated this calculation since. </p><p>It is likely that a substantial proportion of these schemes and investments will be with us for some time and the eventual profit or loss to the taxpayer will not be known until all the support is removed, the loans repaid and the shares sold.</p><p>What you also need to consider are the wider &amp; more difficult to calculate costs if NR had gone bust...</p><p>The sale of Northern Rock is sensible if you believe a) it will be managed better in private sector; b) it will stimulate competition</p><p>There is a question as to why this was the best time to do this. If he had waited until the markets were slightly less unstable - bank shares are very low at the moment - would that have led to a better return? I'm not saying it's right or wrong - I just want to look at that question, but clearly there is a loss for the taxpayer.</p><p>This is a lost opportunity to create a new People's Bank, renewing NR as a mutual.</p><p>George Osborne has missed a real opportunity to return the Rock as a new mutual, which would have signalled the Government had learnt crucial lessons from the banking crisis. The sale to Virgin is a resurrection of the failed former model. This fire-sale demonstrates he is not willing to think long term about how banks can serve their customers and reduce risk for taxpayers.</p><p>I'm very concerned about whether we are getting really good value for the taxpayer There has to be a sense that Richard Branson has got the deal he was craving four years ago for a song today. When one looks at the track record of Mr Branson he tends to make pretty good deals and I suspect he knows this is reasonably good.</p><p>At the end of the day the biggest issue is the safeguarding of taxpayers' money. If nationalisation saves that money, that has to be the correct step in the long term... I would have been quite wrong to do this last September. It was right to allow the board of the bank and the shareholders time to see if a private sector solution could be found. It was absolutely right to explore all the possibilities.</p> <a href="http://www.theguardian.com/politics/reality-check-with-polly-curtis/2011/nov/17/northern-rock-sale-good-deal-for-taxpayers">Continue reading...</a>UK newsBanking reformBankingNorthern RockThu, 17 Nov 2011 11:05:00 GMThttp://www.theguardian.com/politics/reality-check-with-polly-curtis/2011/nov/17/northern-rock-sale-good-deal-for-taxpayersEdmond Terakopian/AFPBen Stansall/GettyCustomers queue to enter a Northern Rock branch in Bromley bank runPolly Curtis2011-11-17T11:05:00ZLiberal Democrat conference: Not the right day to be shrinking the state?http://www.theguardian.com/politics/blog/2008/sep/17/libdemconference.liberaldemocrats1
Nick Clegg's party will go home happy but the Lib Dems have a tough message to sell<p>By 2008 standards the weather on the Dorset coast this week has been sunny enough to encourage hardier Liberal Democrats to risk a swim in the sea. Despite the economic storm raging in the background, the party has had a pretty good conference too. Nick Clegg is patting it on the back today.</p><p>Not much page-one publicity, but no negative headlines either and they can bask in the unusual sight of their Treasury spokesman, Dr Vince Cable's views being taken seriously by serious people. He is the man quoted first in today's Guardian front-page lead on the meltdown in Wall St and the City.</p> <a href="http://www.theguardian.com/politics/blog/2008/sep/17/libdemconference.liberaldemocrats1">Continue reading...</a>Liberal Democrat conference 2008Liberal Democrat conferenceLiberal DemocratsVince CableNorthern RockWed, 17 Sep 2008 11:08:59 GMThttp://www.theguardian.com/politics/blog/2008/sep/17/libdemconference.liberaldemocrats1Michael White2008-09-17T11:08:59ZLeak that triggered run on Northern Rock might have been scoop worth sitting onhttp://www.theguardian.com/politics/blog/2008/aug/07/michaelwhitespoliticalblog218
Colleagues say no, but I'm not convinced. It might have been better to squash this story in the public interest<p>The new edition of Private Eye reports a sharp exchange last month between MPs and Mervyn King, the governor of the Bank of England, which I hadn't read anywhere at the time. It concerns the leak which triggered the historic run on the <a href="http://www.guardian.co.uk/business/northernrock">Northern Rock</a> bank by anxious depositors.</p><p>We're approaching the first anniversary - August 9 - of the day the banking system started going belly up, the revelation by the major French bank BNP Paribas that some of its sub-prime related investments were in serious trouble. </p> <a href="http://www.theguardian.com/politics/blog/2008/aug/07/michaelwhitespoliticalblog218">Continue reading...</a>Northern RockEconomic policyBusinessPoliticsUK newsMediaThu, 07 Aug 2008 08:16:00 GMThttp://www.theguardian.com/politics/blog/2008/aug/07/michaelwhitespoliticalblog218Michael White2008-08-07T08:16:00ZThe payoff linehttp://www.theguardian.com/politics/blog/2008/mar/31/michaelwhitespoliticalblog113
Try not to feel too sorry for former Northern Rock chief exec Adam Applegarth<p>The weekend papers predicted a &quot;storm of controversy&quot; over today's confirmation that Adam Applegarth will get a &pound;760,000 payoff after leaving the Northern Rock in disgrace after its &pound;25bn taxpayer bailout. Steady on there; I had a job to find the story at all in some of this morning's papers.</p><p>At least Radio 4's Today programme gave the issue an outing and provided a better ethical education than even Thought for the Day, where a bold clergyman was (rightly) defending the government's current embryology research bill from the Pope and the Daily Mail.</p> <a href="http://www.theguardian.com/politics/blog/2008/mar/31/michaelwhitespoliticalblog113">Continue reading...</a>Economic policyUK newsPoliticsNorthern RockBusinessMon, 31 Mar 2008 10:18:00 GMThttp://www.theguardian.com/politics/blog/2008/mar/31/michaelwhitespoliticalblog113Michael White2008-03-31T10:18:00ZTreasury veterans assess Rock crisishttp://www.theguardian.com/politics/blog/2008/feb/19/treasuryveteransassessrock
<p>Over the past few days I have been talking to ex-chancellors and officials, Tory and Labour, about budget dramas of the past for a Radio 4 programme I am making with producer, Jane Ashley. When the microphone is switched off we have usually talked about Northern Rock.</p><p>What has been striking about most of these conversations is that no one rushes to condemn the government's handling of the affair outright. When you have been there yourself during a crisis or six at No 10 or No 11 you have felt the heat and know it isn't easy.</p> <a href="http://www.theguardian.com/politics/blog/2008/feb/19/treasuryveteransassessrock">Continue reading...</a>Northern RockBusinessEconomic policyUK newsPoliticsTue, 19 Feb 2008 12:45:00 GMThttp://www.theguardian.com/politics/blog/2008/feb/19/treasuryveteransassessrockMichael White2008-02-19T12:45:00ZOsborne 'missed target' over Rockhttp://www.theguardian.com/politics/blog/2008/feb/18/osbornemissedtargetoverroc
The view from Westminster is that the shadow chancellor gave a lightweight response to Alistair Darling today<p>George Osborne's attack on the chancellor's handling of the Northern Rock crisis seems not to have impressed his peers.</p><p>The collective view from the corridors of power is that it was the shadow chancellor and not Alistair Darling who came off worse following <a href="http://blogs.guardian.co.uk/politics/2008/02/alistair_darlings_statement_li.html">today's Commons statement</a>.</p> <a href="http://www.theguardian.com/politics/blog/2008/feb/18/osbornemissedtargetoverroc">Continue reading...</a>George OsborneNorthern RockEconomic policyPoliticsBusinessUK newsMon, 18 Feb 2008 18:31:00 GMThttp://www.theguardian.com/politics/blog/2008/feb/18/osbornemissedtargetoverrocDeborah Summers, politics editor2008-02-18T18:31:00ZAlistair Darling's statement - livehttp://www.theguardian.com/politics/blog/2008/feb/18/alistairdarlingsstatementli
Live coverage of the chancellor's statement to the House of Commons on the nationalisation of Northern Rock<p>Welcome to live coverage of Alistair Darling's statement to the House of Commons on Northern Rock, which is due to start at 3.30pm.</p><p><strong>Scroll down for latest</strong></p> <a href="http://www.theguardian.com/politics/blog/2008/feb/18/alistairdarlingsstatementli">Continue reading...</a>BusinessNorthern RockEconomic policyPoliticsUK newsMon, 18 Feb 2008 15:03:00 GMThttp://www.theguardian.com/politics/blog/2008/feb/18/alistairdarlingsstatementliHaroon Siddique2008-02-18T15:03:00Z